PROACTIS Announces Interim Results for the Six Months Ended 31 January 2015

PROACTIS Holdings PLC, a global Spend Control and eProcurement solution provider, today issues its interim results for the six month period ended 31 January 2015.
Financial highlights
  • Reported revenue increased by 110% to £8.4m (31 January 2014: £4.0m)
  • Adjusted EBITDA increased by 155% to £2.3m (31 January 2014: £0.9m)
  • Reported adjusted* operating profit increased by 207% to £1.4m (31 January 2014: £0.5m)
  • Strong balance sheet with gross cash balances of £3.1m (31 July 2014: £3.1m)
Revenue visibility
  • Total contracted, deferred multi-year revenue increased by 30% to £15.5m (31 July 2014: £11.9m)
  • Annualised contracted revenue increased by 5% to £13.8m (31 July 2014: £13.1m)
Operational highlights
  • Total Initial Contract Value signed on new deals was £2.6m (31 January 2014: £1.6m) with £0.5m recognised in the period (31 January 2014: £0.7m)
  • Deal activity is buoyant with 20 new name deals (31 January 2014: 15) and continued strong customer loyalty with 43 upgrades in the period (31 January 2014: 39)
  • Multi-year, transactional priced Cloud/SaaS solutions is in line with expectations - 11 new customers (31 January 2014: 8)
  • 39 from 43 SaaS renewals in the period
  • Commercial partnership with Fifth Third Bank extended
Post period highlights
  • Collaboration agreement for the development of an Accelerated Payment Facility signed with Inspired Capital plc
  • "Activate" technology platform completed

Rod Jones, Chief Executive Officer, commented: 

"I am pleased to report another set of results showing significant increases in revenues, profit and forward order book. The Group's core business is performing well and experiencing strong growth rates as it benefits from the subscription business model.
"Supplementing this, the Group's three acquisitions are bolstering growth. Trading is in line with expectations with performance levels in those businesses being maintained through the integration process. M&A activity remains a core element of the Group's growth strategy and there are a number of potentially attractive opportunities in the pipeline.
"The Group's programme to access the supplier monetisation opportunity, Activate, is progressing well. The technology development is complete and the Group is now building the commercial plan to take the opportunity to market. In addition, the Group intends to enhance the supplier benefits package further with the offer of an Accelerated Payment Facility for suppliers' qualifying invoices and, to that end, I am delighted that the Group has partnered with Inspired Capital plc in the development of this offer.
"Activate is a potentially transformational initiative and, along with further M&A activity and with a continued impressive win rate in the Group's core businesses, I am confident that the Group is poised for a sustained period of substantial growth.”
*Adjusted operating profit is stated before non-recurring administrative expenses, amortisation of customer related intangible assets and share based payment charges

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